Harworth warns on profits, but says it is in a strong position

​However, the Rotherham-based firm said it is strongly positioned for the future, continuing to transform land and property into sustainable places where people want to live and work.

Harworth said it has entered this unprecedented period in a strong financial position, with cash and undrawn debt facilities of £36m.

In support of the company’s strategy, its lenders have agreed to increase the firm's revolving credit facility limit by £30m to £130m, providing both operational flexibility and the ability to take advantage of future suitable land and property opportunities.

With a number of housebuilder customers announcing reduced activity on live construction sites and new purchases, Harworth is prioritising its capital expenditure on major development sites that have agreed sales in place for later in the year.

Infrastructure works are continuing on six active development sites. The firm and its contractors are adhering strictly to all Government guidelines on social distancing and safe working practices during this period.

The company is now planning to hold its 2020 AGM on June 29. This is a month later than in previous years, in order to afford more time for the board to monitor the Covid-19 backdrop and, in particular, the evolving position with regard to restrictions on movement and public gatherings.